Asked by Alan Klimpt, Bay Area, CA • Sat Dec 15, 2007
If I and my business partner are both on title and on the loan (5 yr, interest only) of a residential property in Merced California and my business partner is currently filing for bankruptcy (due to an unfortunate circumstance), how will that effect my credit? I want to sell this home in Merced and do NOT want to forclose. This home's value is either the same or a bit less than the time of purchase (roughly 2 years ago) so there is no equity in the property. What would be the easiest way to sell this house? Ideally we'd like to avoid Realtor fees as she is unable to pay for them. Would a bank be interested in a short sale on this property? What makes a bank want to agree to a short sale? What about a deed in lieu? Will her filing for bankruptcy adversely effect my credit? Will we be forced to foreclose because she is filing for bankruptcy?
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